Apple is expected to sign its first interner radio licensing agreement with a major record label perhaps as soon as next week, multiple sources with knowledge of the talks have told The Verge…Apple initially offered to pay 6 cents per 100 songs streamed, or about half of what Pandora pays. Now, Apple will pay rates nearly “neck and neck” with Pandora, one of the sources said.

Update: CNET reports that Universal is also close to signing and that Apple is hoping to go into a dozen territories by summer:

The press has dubbed the service iRadio, in negotiations with the labels Apple is referring to it as its “new streaming service,” says a source…Apple is building some unique features, such as the ability to jump back to the beginning of a song…Apple is hoping to quickly unveil the service in up to a dozen territories, according to sources, including the U.K, France, Germany, Australia, and Japan.